Pour the water and sugar into a large skillet and bring to a boil. Once the sugar dissolves, reduce to a simmer and add the lemon wheels. Simmer the lemon wheels for 40 minutes.
Shift the flour into a large bowl. Add the sugar, baking powder, salt, and lemon zest. Whisk to combine and set aside.
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In another bowl, pour the milk. Add the eggs, limoncello, and vanilla. Whisk to combine and set aside.
Add the wet ingredients to the dry and stir until a batter forms. Fold in the chocolate mixture and pour the batter into the prepared pan. Transfer to the oven and bake for one hour and 10 minutes
Pour the cream into a bowl and using either a hand mixer or a stand mixer fitted with a whisk attachment, whip the cream until soft peaks form.
In another bowl, place the mascarpone, sugar, and limoncello. Whisk to combine. Fold the cream into the mascarpone mixture.
Place the frosting on top of the cake and, using an offset spatula, create a series of pleasing swoops. Top the frosting with the candied lemon wheels and finish with a few sage leaves.